9/06/2014 – El Confidencial
President of textile chain Mango, Isak Andic, is forging a real estate empire in parallel to his fashion group but separate in corporative terms. We say in parallel because the businessman targets downtown commercial buildings for placing there Mango stores that will pay rent to him. It turns out to be a copy of the strategy initiated by the Inditex´s owner, Amancio Ortega, but in a larger scale.
The real estate firm of Andic, Punta Na, looks like a counterpart of Ortega´s Pontegadea. The name itself is very similar to Punto Fa that controls Mango. Coincidentally, many arms of Andic and his family bear the names of Punto Do, Punto Re, Punto Mi, etc., following the musical scale, as the sources from the sector explained.
According to the Mercantile Registry, Punto Na is a real estate firm. At the end of 2012, Punto Na Holding owned €500 million in assets and a minor debt of €51 million.
Since 2010, the firm invested over €160 million in buildings situated in the centres of the cities all over Spain. The latest to acquire (in May) was a 920 square meter property at 55 Principe street in Vigo. In 2014 only, Andic sealed deals on 5 buildings. To illustrate, the businessman bought a 5-storey, 8.000 sqm property at 23 Gran Via street in Bilbao for €40 million and another 8.100 sqm building at 66 Serrano street and a 2.500 sqm unit at 13 Orense street, both in Madrid.
In Gijon, he acquired a 900 sqm property at 22 Corrida street for around €6 million.
In fact, the building hunting began in 2010 with the purchase of a unit on the Paseo de Gracia in Barcelona for €50 million from Banco Sabadell. Andic destined 1.500 square meters for a Mango flagship shop and rented the rest of the property to the Mandarin hotel.
A year later, he bought a 2.400 sqm building at 132 La Rambla street, also in Barcelona, for €25 million with view of opening a mega-store in there.
Original article: El Confidencial (by Marcos Lamelas)
Translation: AURA REE